E.U. Tax Proposal On Cypriot Bank Deposits Riles Russia04:04

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March 19, 2013

By Renee Montagne, Joanna Kakissis and Corey Flintoff

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There has been angry reaction in Russia and Cyprus to the E.U.'s proposal to seize nearly 10 percent of large deposits in Cypriot banks, and roughly 7 percent of smaller deposits. That would force Russian oligarchs and ordinary citizens to bear much of the cost of the bank bailout in Cyprus.